(Nov 14): Chinese companies are exploring Germany as a fundraising venue, in a move that could reinvigorate the European market for their global depositary receipts (GDRs).
Two companies are getting ready to test the waters. Renewable-energy firm Sungrow Power Supply Co is planning to seek as much 4.88 billion yuan (RM2.99 billion) in Frankfurt through the sale of GDRs, it said last month. Solar-panel maker JinkoSolar Holding Co announced an offering of as much as 4.5 billion yuan of the receipts in a Shanghai-listed unit.
The China Securities Regulatory Commission (CRSC) said in a statement to Bloomberg this week that it supports a “stable and orderly” deepening of the connection between the Shanghai and Shenzhen exchanges with global markets. The regulator highlighted the memorandum of understanding that was signed Nov 6 between the Chinese and German exchanges over depositary receipts.
The plans from Sungrow and JinkoSolar…
